Computer Assisted Audit Techniques (CAATs)
Computer Assisted Audit Techniques (CAATs) is the tool which is used by the auditors. This tool facilitates them to make search from the irregularities from the given data. With the help of this tool, the internal accounting department of any firm will be able to provide more analytical results. These tools are used throughout every business environment and also in the industry sectors too. It’s really a helpful tool that helps the firm auditor to work in an efficient and productive manner.
Advantages of Computer Assisted Audit Techniques
(a) Reduced level of audit risk.
(b) Greater independence from the auditee.
(c) Broader and more consistent audit coverage.
(d) Enhanced sampling.
(e) Improved exception identification.
(f) Greater opportunity for quantification of internal control weaknesses.
(g) Faster availability of information.
(h) Cost saving over time.